Texas has been one of the hardest-hit states due to coronavirus. The state is reporting a record number of new coronavirus cases each day and there are no signs of stopping the virus. The situation of the state is continuing to worsen, the hospital beds are filling up. Even the Positive rate in the state is significantly higher than that recommended by WHO.
Amid all these events, the worst-hit sector after public health remains the economy. The pandemic has taken a huge toll on the economy of the state. Due to the lockdown, many businesses have closed down and hundreds of thousands of people have lost their jobs. In order to support them, COVID-19 relief funds were released by the government.
However, not everyone made wise use of the fund and instead abused it. One such case was reported from Texas on July 14. A man used $1.1 million funds loaned under the COVID-19 relief fund to purchase cryptocurrency with the amount.
The accused is a 29-year-old man named Joshua Thomas. He allegedly applied for a loan under the PPP program. He did so with the name of 2 false businesses he claimed is run by him. He also claimed to have a good number of employees and that there were hundreds of thousands of dollars pending to be paid to his employees.
So, he got a loan of $1.1 million. However, he was later found to be investing the fund in cryptocurrency. He had invested close to $950,000 in cryptocurrency and didn’t use the fund for the purpose it was meant to use. However, when he was caught, the fund invested had already made a profit.
Such incidents defeat the very purpose of relief. So, the government needs to put a keen eye on such people. Till then, for more such latest news stay tuned with us.